The event aims to contribute to current debates on the development and rights implications of inequality by exploring the linkages between wealth and income inequality and human rights, with a particular focus on economic and financial crises. It will discuss how policies and institutions that are grounded in a human rights framework can contribute to reducing inequalities and strengthening resilience. The event aims to forge stronger linkages between analytical work on economic inequality, financial crisis and human rights, and the work of UN human rights monitoring bodies. The report of the UN Independent Expert on Foreign Debt and Human Rights, Juan Pablo Bohoslavsky, submitted to the Human Rights Council at its 31st session, will constitute a basis for the discussion (A/HRC/31/60).

Background

Financial Crises, Austerity Measures and Human Rights

The enduring effects of financial and economic crises—and the economic austerity measures often chosen to counter them—have acute negative impacts on the most vulnerable and marginalized groups in society. Women, children, minorities, migrants, persons with disabilities, older persons, youth and the poor suffer most the effects of decreasing opportunities for work and cuts to social welfare programmes, and reduced affordability of food, housing, water, medical care and other basic needs. At the same time, economic inequality is growing in many countries and regions of the world, and on a global scale the gap between the very rich and the very poor is still shockingly wide. Over the last few years, this problem has received considerable attention from civil society, researchers and the international community.

Current Economic Climate

Recent discussions have begun to focus on the linkages between economic inequality, financial crises and human rights. On the one hand, it seems clear that financial crises and the adjustment programmes adopted in response impair a country’s general economic performance, increase economic inequality, and have negative socioeconomic impacts, particularly on vulnerable populations. On the other hand, the notion that inequality may also be an important contributing factor to the emergence of financial crises has recently gained attention.

The Independent Expert on Foreign Debt and Human Rights examines these complex issues in his report, focusing in particular on these questions:

Does inequality lead to more financial instability?

Does financial instability lead to higher levels of inequality?

What impacts does increased inequality have on human rights?

What guidance does human rights law provide for addressing inequality?

Modality

There will be brief presentations by five panellists, which will then form the basis for subsequent debates and questions from the floor.

Panellists are invited to speak on the following topics:

Why does inequality need to be considered from a human rights perspective?

How is inequality both consequence and cause of sovereign debt and financial crises?

How do austerity policies fuel inequalities, negatively impact social protection and social development and impinge on human rights, in particular for vulnerable groups?